Excise exemption for paints and varnishes caps duty at prescribed ad valorem rates under the tariff schedule. The notification exempts specified paints and varnishes from central excise duty to the extent that duty exceeds the ad valorem rates set opposite each listed tariff sub-heading in the annexed Table, thereby capping excise liability for those goods under the Tariff Schedule.
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Provisions expressly mentioned in the judgment/order text.
Excise exemption for paints and varnishes caps duty at prescribed ad valorem rates under the tariff schedule.
The notification exempts specified paints and varnishes from central excise duty to the extent that duty exceeds the ad valorem rates set opposite each listed tariff sub-heading in the annexed Table, thereby capping excise liability for those goods under the Tariff Schedule.
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